Experience Several Benefits
Advantages of Pre-Approval
Confidence in your Budget
Pre-approval gives you a clear understanding of how much you can afford to borrow. With a pre-approved loan amount, you can confidently search for properties or make purchasing decisions within your budget. This eliminates the uncertainty and helps you focus on properties that align with your financial capabilities.
Competitive Advantage
When you’re pre-approved for a loan, sellers and real estate agents see you as a serious buyer. It sets you apart from other potential buyers who haven’t gone through the pre-approval process. Sellers may prioritize offers from pre-approved buyers, giving you a competitive edge in a competitive housing market.
Faster Loan Processing
Pre-approval speeds up the loan application and approval process. Since you have already provided the necessary financial information and undergone a preliminary credit check, the lender has a head start in processing your loan application. This can save you time and help expedite the closing process when you find the right property.
Negotiation Power
Being pre-approved for a loan puts you in a stronger position to negotiate with sellers. You have the advantage of knowing your purchasing power and can confidently make offers. Sellers are more likely to consider your offer seriously because they know that you have already taken the necessary steps to secure financing.
Unlock Your Homebuying Potential: Leverage the Benefits of Pre-Approvals with Shelter Capital
Pre-approvals are extremely useful for ensuring that you stay within your budget when making a purchase, and they can also be advantageous during negotiations with sellers, as they indicate that you are a serious and prepared buyer. At Shelter Capital, we understand that purchasing a property is a significant decision that requires careful financial planning. That’s why we emphasise the importance of pre-approvals and the advantages they offer to homebuyers like you. Whether you’re a first-time buyer or a seasoned investor, our pre-approval services can help you navigate the real estate market with confidence.
Taking Control of Your Homebuying Journey
The Power of Pre-Approval: Secure Your Dream Home with Confidence
During the assessment, the lender considers your “ability to repay” the loan, taking into account factors such as your income, living expenses and existing loan repayments. Additionally, your “willingness to repay” the loan is assessed based on various factors, including your credit history, employment stability and frequency of changing addresses.
Typically valid for three months, a pre-approval can be renewed if you are still searching for a property.
If you would like more information on obtaining a pre-approval, feel free to contact us today!